By E. Janene Geiss
Philadelphia, Aug. 12 - Lehman Brothers Holdings Inc. priced $196,000 of 20.1% annualized reverse exchangeable notes due Nov. 13, 2008 linked to the common stock of DryShips Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If DryShips stock falls below the knock-in price - 60% of the initial value - during the life of the notes and finishes below its initial price, the payout at maturity will be a number of DryShips shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
Lehman Brothers Inc. is the agent.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | DryShips Inc. (Symbol: DRYS)
|
| Amount: | $196,000
|
| Maturity: | Nov. 13, 2008
|
| Coupon: | 20.1%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If the stock falls below the knock-in price during the life the notes and finishes below its initial value, 14.7297 DryShips shares; otherwise, par
|
| Initial share price: | $67.89
|
| Knock-in price: | $40.734, 60% of initial price
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 13
|
| Agent: | Lehman Brothers Inc.
|
| Fees: | 2.54%
|
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